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When you open any type of business anywhere in the world, you will likely be in need of some services from the bank. Whether you’ll need to take out loans for your business, transfer funds from another branch of your business, or set up a checking and saving account for your business, you’ll need to do it all through a bank. Especially when starting a business in a new country, it is important to understand the banking laws and how they differ from the laws in your native country.

Banking Laws in Brazil

Much like many of Brazil’s law systems, banking law was heavily reformed in 1998. Brazil decided at that time to enhance the supervision regulations of its banks, and it began complying with the Basle Committee for Banking Supervision. The committee was founded in 1975 to improve the global quality of banking supervision. When Brazil adopted these regulations, it joined a long list of other countries that did the same, including Argentina, Belgium, China, France, Mexico, Russia, Spain, Sweden, and the United States of America.
If you are opening a business in Brazil, you should first learn the banking laws so that the banks do not take advantage of you as a foreigner with limited knowledge. While banks in Brazil operate under the universal standards of the BCBS, there are still unique laws that pertain to them based on their location. Even if the bank is not trying to weasel more money out of you, they could accidentally do so if you are not aware of all banking laws prior to starting the business. Starting a business, or even moving your current one, will require some knowledge of banking in Brazil.
If you are having any issues with any the following, you should contact a Brazilian attorney who specializes in banking laws:

  • Difficulty accessing your business’ various accounts with the bank
  • Difficulty obtaining a credit or loan service
  • Discrimination in obtaining credit
  • Issues with dishonored checks
  • Difficulty accessing your complete and detailed account records

If you are experiencing any of these issues, the bank you are dealing with could be breaking Brazilian bank laws, and it is important to get an attorney who knows how to handle the situation. While you can do research to determine which types of banking practices are legal in Brazil, Brazilian attorneys who specialize in banking laws are able to catch the subtle tricks of the trade that a bank might try to pull. A banking attorney in Brazil can help you first determine whether or not the bank you are working with has in fact broken any laws. If your lawyer determines that they have, they will be able to help you take the appropriate steps in prosecuting them and ultimately getting your money back.

Find out how to get help

If you feel that your business has been involved in illegal bank practices, don’t hesitate to seek legal counsel.

Phone: 212-300-7174